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RECOPEANNUALREPORT2014
Budget execution
The level of corporate budget execution during this period totaled 96%.
The main source of funding is the revenue from sales, which at the end of December
2014 amounted to $3,139 million; compared to revenues as of December 31, 2013
($3,241 million), a variation of $102 million is observed.
This is the result of adjustments in sale prices applied by ARESEP, resulting
from fluctuations in import prices of oil in the international market, which maintained
an upward trend during the year, except for the last two months; likewise, an increase
in sales volume of 2%had an impact on this situation.
Total revenueswas$3,318million, resulting fromthe resources generated
by sales ($3,139 million), other income ($8 million), the resources bonds issues ($40
million) and the budget surplus of $131 million.
With regards to the total expenditures executed, they reached $3,161
million in 2014, of which 91.65% correspond to payment of fuel imports,2.92%
to investments,2.71% to compensations, 2.15% to goods and services, taxes and
others, and 0.58% to transfers and services debt.
There were covered by the income listed above, leaving a the final
balance in banks to December 31, 2014
was (Specific Surplus) $157 millions. This
balance is compromised because it has its
origin partly in deposits made by customers
to purchase fuels (deferred revenue),
obligations with fuel suppliers with payment
at 30 days, and the balance of the proceeds
from the issuance of bonds (Specific surplus
bonds), which were available for execution
in 2015. At closing for the year 2014, the
liability commitments with suppliers and
credit lines totaled $182 million.
Operational
expenses
were
executed under the guidelines of austerity
and rationality in spending. It must be
highlighted that the reductions generated
by cutting expenses, according to the
Fuente: Departamento de Planificación con datos del Informe: Análisis Financiero a diciembre 2014.
Composition of total executed expenditures for RECOPE. 2014
-Millions of colones-
Sole tax
¢428.933
27.3%
Fuel
¢1.143.576
72.7%
Payment of
imports and fuels
¢1.572.508.64
91.65%
Total expenditures: ¢1.715.797
Transfer and debit
¢9.936.09
0.58%
Goods an services
and others
¢36.860.73
2.15%
Investments
¢49.994.20
2.92%
Compensation
¢46.497.22
2.71%